Nettle, Daniel, Chevallier, Coralie, de Courson, Benoît et al. (3 more authors) (2025) Short-term changes in financial situation have immediate mental health consequences:Implications for social policy. Social Policy and Administration. pp. 293-308. ISSN 1467-9515
Abstract
Poverty is associated with psychological variables such as increased anxiety, increased depression, steeper time discounting and greater risk aversion. However, less is known about whether short-term changes in financial circumstances are coupled to immediate psychological responses. We present data from the Changing Cost of Living study, in which panels of adults in France (n = 232) and the UK (n = 240) completed financial and psychological surveys every month for a year (September 2022–August 2023). We found the expected overall socioeconomic gradients in anxiety, depression and time discounting. In addition, monthly fluctuations in financial situation were associated with fluctuations in depression, anxiety and risk preference. Increases in essential costs, considered separately from fluctuations in income, had an immediate impact on depression. Social support, the instrumental and emotional assistance derivable from one's social network, buffered the effects of short-term financial fluctuations on depression and time discounting, but did not mitigate the overall gradients. We conclude that declines in income or increases in the cost of living have immediate and measurable psychological impacts, which must be borne in mind in the formulation and evaluation of social policy.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | Publisher Copyright: © 2024 The Author(s). Social Policy & Administration published by John Wiley & Sons Ltd. |
Keywords: | income distribution and incomes policies,mental illness,poverty |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Social Sciences (York) > Politics (York) The University of York > Faculty of Sciences (York) > Health Sciences (York) |
Depositing User: | Pure (York) |
Date Deposited: | 13 Mar 2025 05:33 |
Last Modified: | 13 Mar 2025 05:33 |
Published Version: | https://doi.org/10.1111/spol.13065 |
Status: | Published |
Refereed: | Yes |
Identification Number: | 10.1111/spol.13065 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:224367 |
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Description: Soc Policy Adm - 2024 - Nettle - Short‐term changes in financial situation have immediate mental health consequences
Licence: CC-BY 2.5